MIRA INFORM REPORT

Report Date :

02.09.2014

IDENTIFICATION DETAILS

Name :	AARON PACIFIC LTD.

Registered Office :	c/o Prima Group Ltd. Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central,

Country :	Hong Kong.

Date of Incorporation :	25.04.2006

Legal Form :	Private Limited Company

Line of Business :	Importer, exporter and wholesaler of shoes, hand bags, other leather products and materials

No. of Employees	02

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Hong Kong.

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

HONG KONG.ECONOMIC OVERVIEW

Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 12% of total system deposits in Hong Kong by the end of 2013. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's total trade by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 34.9 million in 2012, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.

Source : CIA

Company name and address

AARON PACIFIC LTD.

ADDRESS: Block C1, 7/F., Hop Hing Industrial Building, 704 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong.

PHONE: 852-3998 4710

FAX: 852-3998 4708

MANAGEMENT

Managing Director: Mr. Tripti Mishra

SUMMARY

Incorporated on: 25th April, 2006.

Organization: Private Limited Company.

Capital: Nominal:HK$12,500.00

Issued: HK$12,500.00

Business Category: Importer, Exporter and Wholesaler.

Group turnover: HK$200-220 million.

Employees: 2.

Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Banking Relation: Satisfactory.

ADDRESS

Registered Office:-

c/o Prima Group Ltd.

Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong.

Operating Office:-

Block C1, 7/F., Hop Hing Industrial Building, 704 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong.

Dongguan Office:-

New World Garden, Dongguan City, Guangdong Province, China.

[Tel: 86-0769-2313 1125; Fax: 86-0769-2313 1124]

BUSINESS REGISTRATION NUMBER

37615315

COMPANY FILE NUMBER

1040363

MANAGEMENT

Director & Chief Executive Officer: Mr. Mayank Mishra

Managing Director: Mr. Tripti Mishra

CAPITAL

Nominal Share Capital: HK$12,500.00 (Divided into 12,500 shares of HK$1.00 each)

Issued Share Capital: HK$12,500.00

SHAREHOLDERS: (As per registry dated 25-04-2014)

Name		No. of shares
Mayank MISHRA		2,500
SK Momin UDDIN		2,500
Vairavan		2,500
Anandamohan BALAKRISHNAN		2,500
Rajib GHOSH		2,500
		––––––
	Total:	12,500 =====

DIRECTORS: (As per registry dated 25-04-2014)

Name (Nationality)	Address
Mayank MISHRA	Flat H, 19/F., Albany Cove, Tower 6, Caribbean Coast, Tung Chung, Lantau Islands, Hong Kong.
Tripti MISHRA	Flat H, 19/F., Albany Cove, Tower 6, Caribbean Coast, Tung Chung, Lantau Islands, Hong Kong.
SK Momin UDDIN	House-287, Road-15/A, Dhanmond-R/A, Dhaka, Bangladesh.
Vairavan	33/2, F, Vathiyar Kanda, Pillay Street, Choolai, Chennai-600112, Tamilnadu, India.
Anandamohan BALAKRISHNAN	Old No. 8, New No. 17/1, Thope Venkatachalam Street, Triplicane, Chennai 600005, Tamil Nadu, India.
Rajib GHOSH	Flat 93, 2/F., Lake View Road, New World Garden, Dongguan, Guangdong, China.

SECRETARY: (As per registry dated 25-04-2014)

Name	Address	Co. No.
Prima Secretaries Ltd.	Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong.	0569406

HISTORY

The subject was incorporated on 25th April, 2006 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Kulsum International Resources Ltd., name changed to the present style on 19th January, 2007.

Formerly the subject’s registered address was located at Suite 1402, 14/F., 1 Duddell Street, Central, Hong Kong, moved to the present address with effect from 28th September, 2009.

The subject’s operating office is located at a different address.

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: Shoes, hand bags, other Leather products and materials

Employees: 2.

Materials/Commodities: Imports raw materials from European countries, some Asian countries and finished products from China.

Markets: India, other Asian countries, Europe, North America, etc.

Terms/Sales: L/C or as per contracted.

Terms/Buying: L/C, T/T,

FINANCIAL INFORMATION

Nominal Share Capital: HK$12,500.00 (Divided into 12,500 shares of HK$1.00 each)

Issued Share Capital: HK$12,500.00

Alternation of Capital:-

Initially	paid up	HK$ 10,000.00
30-09-2010	paid up	HK$ 2,500.00
		–––––––––––––
Total:	paid up	HK$ 12,500.00 ============

Increase of Nominal Capital:-

From

HK$10,000.00

HK$12,500.00

30-09-2010

Mortgage or Charge: (See attachment)

Profit or Loss: Making a very small profit in past years.

Condition: Business is fairly active in Hong Kong.

Facilities: Making active use of general banking facilities.

Payment: Met trade commitments as contracted.

Commercial Morality: Satisfactory.

Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Hang Seng Bank Ltd., Hong Kong.

Nanyang Commercial Bank Ltd., Hong Kong.

Standing: Small.

GENERAL

At the very beginning, having issued 10,000 ordinary shares of HK$1.00 each, Aaron Pacific Ltd. was equally-owned by four Indian: Mayank Mishra, Tripti Mishra, Momin Uddin, and Vairavan. On 30th September, 2010, the shareholders were reshuffled and a new shareholder joined in. Now, the subject has issued 12,500 ordinary shares of HK$1.00 each in total which are equally held by the following shareholders: Mayank Mishra, SK Momin Uddin, Vairavan, Anandamohan Balakrishnan and Rajib Ghosh. The last is a new shareholder while the fourth Anandamohan Balakrishnan’s shares were transferred from Tripti Mishra. Including Tripti Mishra, the shareholders are also directors of the subject.

Mr. Tripti Mishra is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. Currently he is residing in Hong Kong, and handling the subject’s business in Hong Kong.

The subject’s registered office is in a commercial service firm located at Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong Kong known as Prima Group Ltd. [Prima] which is handling its correspondences and documents. Prima is also the corporate secretary of the subject. It moved to the above-mentioned address in September 2009.

The subject’s operating office is located at Block C1, 7/F., Hop Hing Industrial Building, 704 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong. The subject has 2 employees in Hong Kong.

The subject is trading in all kinds of leather products such as leather shoes, bags, wallets, belts, etc. It also trades in genuine leather materials. It has got an affiliated factory in Dongguan City, Guangdong Province, China. Its China factory is administered by Mr. Tripti Mishra and Mr. Rajib Ghosh. Raw materials are imported from Europe, India or acquired in China. Products are exported to India, China, Japan, other Asian countries, Europe, the Middle East, the United States, etc. It is claimed that the main products of the subject are leather shoes.

The subject also has got offices in Dongguan City, Guangdong Province, China, India and Bangladesh. SK Momin Uddin is handling the business of the Bangladesh office. The main office of the subject seems in India.

The Chief Executive Officer of the subject is Mr. Mayank Mishra. He was the Manager of Tata South East Asia Ltd. before joining in the subject. Majoring in chemical engineering, he was graduated from Pandit Ravishankar Shukla University of India in 1999. Most of the time, Mr. Mayank Mishra is in India while the new shareholder Mr. Rajib Ghosh is in Dongguan City, Guangdong Province, China.

According to the subject, it has 50 employees in total throughout the world. The turnover of the Aaron Group is about HK$200 - 220 million.

The subject’s business in Hong Kong is not very active. History in Hong Kong is over eight years and four months.

On the whole, consider it good for business engagements in small credit amounts.

MORTGAGE OR CHARGE

Date	Description of Instrument	Mortgagee
06-01-2012	Mortgage	Hang Seng Bank Ltd., Hong Kong.
06-01-2012	Rental Assignment	Hang Seng Bank Ltd., Hong Kong.
04-06-2013	Rental Assignment	Nanyang Commercial Bank Ltd., Hong Kong.
04-06-2013	Mortgage	Nanyang Commercial Bank Ltd., Hong Kong.
05-06-2014	Mortgage	The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.47
UK Pound	1	Rs.100.42
Euro	1	Rs.79.39

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	NIS

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.